A local hero in Kansas City, Kansas, police captain Robert Melton was remembered during his memorial services, after being killed in the line of duty. Melton was shot and killed on July 19th. Two suspects have been charged in connection with the case, and the alleged gunman is facing a capital murder charge.
Officers from police departments across the state and metro area gathered at Children’s Mercy Park to pay their final respects. Melton was known for penning the manual on conducting military-style funerals for “future heroes.” Sadly, the manual was needed to guide his own department in honoring the author. Melton was a 17-year veteran of Kansas City, Kansas Police Department and served in the Army National Guard.
Why it is crucial to have an estate plan
Preparing for the future is an important goal in life. But, when it comes to your estate, planning ahead gives you the valuable opportunity to determine now who should inherit your assets after your death. Estate planning is also a great way to reduce your estate taxes. Incapacity is something else that needs to be considered in estate planning. Whether it is temporary or permanent, your family must have the tools they will need to help you through that incapacity. They need the authority to handle your affairs for you until you are able to do so yourself.
What estate planning typically involves
The fundamental components of most estate plans are wills and trusts. The purpose of a will is to specify how you want your estate distributed after your death. A will can also identify who should be guardian for any minor children you may have at that time. A trust is a fiduciary agreement between the person creating the trust and the chosen trustee. A trust allows the trustee to secure and manage the trust assets for the benefit of your named beneficiaries.
Preparing for your death with an estate plan
Generally speaking, an estate plan serves two primary goals – preparing for death and incapacity. In order to prepare your family for your death, your plan needs to first provide resources to pay off your debts. Then you can specify who should receive any remaining property. In most cases, the last will and testament is used to accomplish this. A will, as it is more commonly known, is basically written instructions about how to handle your property after you die. Your will can also identify the person you want to manage the ultimate distribution of your estate after your death.
Planning for distributing your estate after death
A typical estate plan consists of two parts — payment of your debts and distribution of the remaining estate to your heirs or beneficiaries. Wills and trusts are the most common instruments used for this purpose. A will is a legal document that sets out your written instructions as to whom should receive specific assets and who will be responsible for executing your instructions. Wills must comply with certain legal criteria in order to be valid. Trusts are also used to hold and manage assets on behalf of beneficiaries, while providing special protections for you and your beneficiaries. Unlike wills, trusts can also prepare you for the possibility of incapacity, when you will need assistance with your affairs. For this reason, wills and trusts are often used together in estate planning.
The fundamentals of a simple will
The primary purpose of a will is to distribute your estate to the people you have chosen to receive your property upon your death. Wills need to be in writing, including your name, address and marital status. The terms of the will need to include a statement of which property you want to be distributed to which beneficiaries. There should also be a provision that identifies the executor who will administer the estate and a guardian, if you have children who could possibly be minors at the time of your death.
The fundamentals of a basic trust
Most people create a trust in order to reduce estate taxes and avoid probate. A trust is essentially a fiduciary agreement, meaning it is based on confidence and trust. The agreement is between the trustee and the grantor, or creator, of the trust. The trust document authorizes the trustee to hold and manage your trust assets for the benefit of your named beneficiaries. The trust agreement will also provide detailed instructions on how to manage and distribute your trust property.
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